NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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The Disintermediation of Financial Markets: Direct Investing in Private Equity

Lily Fang, Victoria Ivashina, Josh Lerner

NBER Working Paper No. 19299
Issued in August 2013

---- Acknowledgments ----

We thank a number of institutional investors for making this analysis possible by generously sharing their data and answering our many follow-on questions. We thank Jean-Nöel Barrot (discussant), Ludovic Phalippou, Per Strömberg and participants at the New York Fed/NYU Conference on Private Equity, the University of Chicago, the Greenwich Roundtable, and the London Business School Private Equity Symposium for their insightful comments. Lilei Xu and Chris Allen provided remarkable assistance with the analysis. We thank Per Strömberg and Rudiger Stücke for access to unpublished data. Harvard Business School's Division of Research provided financial support. A number of the authors has advised institutional investors in private equity funds, private equity groups, and governments designing policies relevant to private equity. All errors and omissions are our own. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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